SUMMARY    HISTORY    PEAKS & TROUGHS    FORECASTS

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The Memphis housing market experienced a slowdown in the fourth quarter and now posted near stagnate real returns over the past 60 months (rolling 5 years), as prices have returned to levels not seen since Q4:2001. Fortunately, Memphis avoided the unbridled exuberance seen in many coastal markets, but national market psychology appears to have played a role in increased inventories and depressed prices. However, while further sales declines are likely, price declines of any dramatic fashion are unlikely as the mortgage debt servicing cost has remained steady and near historic lows.

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This ratio compares the monthly mortgage payment (principal & interest only, which does not include hazard insurance, property taxes or any needed private mortgage insurance) for a median priced home financed at the prevailing 30 year mortgage rate to the local median 4-person family income.